Axis bank share price 14th Dec 2015
Axis Bank continued its weak performance along expected lines. As per our analysis of share price / Axis Bank Share Price Forecast / Axis Bank Share Price analysis the Minor Trend in Axis Bank is down. Axis Bank Major Trend is also down. The structure is very weak overall and we do not get any confidence looking at the wave counts or the structure that it has been making. Many people / traders / investors have a very high over weight on Axis Bank and we have been time and again recommending to be away from such counters whose basic structures are showing lower tops and lower bottoms on consistent basis in each and every time frame. If we see weekly, daily, hourly, 15 minutes and even in the 5 min charts Axis Bank Share price just shows one structure of lower tops and lower bottoms. It has never ever paid in history to buy such stocks and I am sure history will repeat itself once again. As traders if you want to trade longs always ensure charts are showing a clear higher top and higher bottom formation and if you want to sell then charts have to make consistant lower tops and lower bottoms. Once this structure is clear then use all pullbacks or counter trend rallies to enter the main trend.
Axis bank share price is expected to underperfmorm and we expect Q3FY16 numbers to start showing massive issues. Those problems if gets public could see the share price tank but as I have always said news is a trailing indicator and smart money or connected circle knows the problems in the bank and hence are exiting.
Axis Bank has near term resistance at 462 Spot Nse rates mentioned until and unless share price is stable above 462 do not buy at all. If you do get pullbacks use pullbacks to exit and move to Renuka Sugar, Bajaj Hindustan or Eid Parry or a basket of all three stocks also will be very good investment idea with 23 months time frame.
Avoid Axis Bank for now at least.
Good Trading To You!